WiFi as a service presents a lucrative opportunity for the channel as the global market is expected to reach $6.1 billion by 2023.

That’s according to a new report by MarketsandMarkets, which expects a compound annual growth rate of nearly 24 percent. The market was worth $2.1 billion last year.

The presence of key players such as Cisco, Arris International, Aerohive Networks, Rogers Communications, Viasat, Adtran, Aruba and Extreme Networks in North America is contributing to market growth in that part of the world.

It’s not just large enterprises adopting Wi-Fi as a service in North America. Uptake from small and medium business also is contributing to the growth of the market in that region, according to the report.

The reduction in infrastructure ownership cost for organizations, ease of Wi-Fi infrastructure management and its remote troubleshooting, and quick deployment of networks are factors fueling the growth of the market globally.

The managed services segment will account for a larger share of the market than professional services through 2023, MarketsandMarkets predicts. Enterprises opt for managed services to overcome the challenges of budget constraints and technical expertise. Services monitor and manage hardware devices, and manage the availability and performance of networks. They also ensure smooth operations and security of networks.

The rapid adoption of internet and bring your own device (BYOD) trends in the education industry has led to the growth of that market. Wi-Fi as a service facilitates communication among teachers, researchers, students and professors, and educational institutions provide cloud-based WiFi services to their students and teachers to access crucial documents, presentations, project files and other forms of data from remote locations. It also ensures the security and safety of educational institutions like playgrounds, parking lots, sports fields and stadiums.

The transportation and logistics segment of the market is projected to grow the fastest through 2023. Growth can be attributed to increased use for effective distribution and storage, communication and real-time tracking of products and vehicles. The development of intelligent transportation solutions and services has increased the demand for cloud-managed Wi-Fi services. These services ensure uninterrupted connectivity.